Disputes in the Era of Meta Worlds: the role of arbitration
2022 Investment Arbitration Outlook Uría Menéndez, n.º 10
The metaverse is envisioned as the future of the internet. Experts predict that by 2026 25% of the population will be spending at least one hour a day in this intriguing space for work, shopping, education, social media or entertainment. It is estimated that this space –the global metaverse market– will reach USD 8 trillion by 2030. Moreover, metaverse Exchange Traded Funds (‘ETFs’) could amass USD 80 billion in assets by 2024 and USD 54 billion were spent on virtual goods in 2020. Naturally, these figures have caught the eye of tech giants and players from a variety of industries, who are already investing heavily in this booming phenomenon.
This article aims to provide a brief overview of the concept of the metaverse, an illustration of the disputes that may arise within and in relation to it, and discusses the dispute resolution mechanisms best tailored to address those disputes, including the opportunities that arbitration may benefit from and the challenges that it could face.